Mortgage 8 years after Debt Relief Order (DRO)

mark222_2

About to apply for a mortgage - do I have to disclose that I had a DRO (8 years since end of moratorium) even if it has been removed from the register and my file?

I'm fortunate enough to have a deposit that takes me over 50% and my credit rating is now very good. For most lenders would this outweigh the past DRO?

ACG

The general rule of thumb is to answer the question asked. 
Have you EVER had a DRO, you should probably answer as yes. 
Have you in the last 6 years been in a DRO, then the answer would be no. 

However, I think for most people the problem is not the insolvency itself that causes it to fail credit scoring but the adverse on the credit report. I have seen plenty of cases fly though 3 years discharged where the debts were not on the credit report (HMRC debts for example). 

But I think regardles of the question asked, the age, your credit report presumably being clear and your deposit, you should be fine. All I would say is that some lenders hold internal records going back further. If RBS/Natwest were in the DRO for example, they will not accept you (unless they were repaid in full). 

mark222_2

Thank you - that's really helpful.

Do you think with the past DRO (needing to avoid Lloyds Banking Group & Santander) and also working as a supply teacher (no contract but good record of income) that I would be better using a mortgage broker? Would a specialist broker be required?

ACG

I dont think you need a broker. I think everything is that old, if you feel confident enough and just do a few basic checks your probably more than capable on your own. That being said a broker brings experience if problems do arise. 

mark222_2

Thanks again for replying to my questions - much appreciated!